http://pwc.to/1ul7SdL Retrouvez toutes les conclusions de la nouvelle étude PwC consacrée au marché des véhicules de luxe en Chine.

1. Analyst Note>
AutofactsR
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products and services please visit us at
www.autofacts.com
Golden years
The past ten years in China have often been
described as a "golden decade" for the automotive
industry. During this time, the market expanded
nearly five-fold, increasing from 4.3 million vehicles
to 19.9 million. This surge continued through the
global downturn, when other automotive markets
were experiencing severe declines.
Within the industry, luxury vehicles have seen a
particularly impressive growth in the last several
years. Even as the Chinese market grew only
marginally in 2011, the luxury segment still grew
54.5 percent. By the end of 2013, the segment was
still enjoying double-digit growth of 18.4 percent,
reaching sales of 1.4 million units, second only to the
US. China is expected to surpass the US in luxury
sales by 2016.
Youth and wealth
So what's behind this impressive growth within the
luxury segment? There are several underlying
factors. Perhaps the most obvious is that premium
brands appeal to those amassing greater wealth — a
demographic that is rapidly expanding in China to
younger generations who are hungry for consumer
goods that show their attained higher status.
Luxury vehicles have an expected compounded
annual growth rate of 11.5 percent from 2013 to
2020, which is almost double the rate of standard,
non-premium light vehicles. Luxury SUVs will
The population of affluent consumers in China is quickly expanding, both in
volume and in age range. Younger first time buyers have increasing buying
power within the market, and the result has been growing sales within the
luxury segment.
China: Moving upscale
Surging sales of premium brands
May 2014
10.26 10.64
11.44
13.65 14.03 14.39
15.51
16.73
18.15
20.36 20.73
0.63 0.97 1.20 1.42 1.58 2.06 2.26 2.46 2.57 2.91 3.04
5%
7%
9%
11%
13%
15%
0
5
10
15
20
25
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
China: Luxury vs. Passenger Vehicle* Sales
2010 – 2020 (millions)
Passenger Vehicles Luxury Vehicles Luxury % Share (R-Axis)
Source: Autofacts 2014 Q2 Data Release, Autofacts Analysis *Excludes minivans, mini-trucks, and light commercial vehicles

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see even higher growth of 19.8 percent in the same
period. Mass-market consumer preferences are
clearly shifting toward the SUV body style, which
provides more space, better road positioning,
heightened sense of safety, and perhaps above all,
enhanced image and status. Autofacts is forecasting
that the Chinese market will surpass the average
luxury penetration rate of 10% of mature markets
like the US , to reach just over 3 million units by
2020.
Along with luxury SUVs, small luxury models are
also seeing increased popularity, due in part to
increasingly stringent emission standards. Growing
focus on traffic congestion and auto-related
pollution has made small, entry-level models
increasingly popular. These vehicles can serve as
efficient vehicles as well as price-effective entry
points into luxury ownership for younger first-time
buyers. Like luxury SUVs, small luxury cars are
forecasted to grow exponentially, from current sales
of 110 thousand to an anticipated 680 thousand by
2020.
Local buyers, local production
As the segment proliferates, global premium brands
are scrambling to localize production, and almost all
major luxury brands are expected to have domestic
assembly by 2016. Assembly localization has obvious
cost advantage on several levels. Local sourcing,
market research and development, and creation of a
streamlined value chain within the country are all
cost-effective measures that luxury automakers are
chasing. Localization can also reap benefits long-
term, both with government and legislative
incentives as well as minimizing additional import
duties. Establishing a local base not only
demonstrates a commitment to the market, but
allows for cost savings and the ability to remain agile
to dynamic market where consumer preferences can
shift quickly.
Where to from here?
As the luxury segment – and the Chinese automotive
market as a whole – continues to grow in the long
term, automakers will need to juggle multiple
considerations. Maintaining a product mix that
aligns with ever-shifting consumer preferences
along with a cost-effective production strategy that
combines local assembly and imports are high
priority. Ongoing speculation regarding a proposed
graduated tax structure on luxury consumption has
gained momentum in recent months. Such a change
would directly impact the entire luxury spectrum,
requiring pricing considerations and overall strategy
adjustments across all luxury producers.
The emergence of luxury vehicles continues to shape
and reshape the market dynamics in China. Global
automakers, both luxury and mainstream, can
capitalize on this opportunity to strengthen their
position within the world’s foremost automotive
market. To learn more about how PwC can help,
please visit pwc.com/auto.
6.0
5.5
5.1
5.0
3.1
3.0
3.0
2.8
49.0
47%
5%
5%
7%
10%
11%
14%
100%
50%
90%
80%
70%
60%
Shandong
40%
30%
20%
10%
Others
Shanghai*
Beijing*
Jiangsu
Guangdong
Zhejiang
0
Luxury Share by Province
2011 (percentage share)
Source: Autofacts 2014 Q2 Data Release, Autofacts Analysis
0.76 0.94 1.43 1.75 1.91 1.98 2.09 2.20
6.81
7.35
7.69
8.25
8.66 9.03 9.24 9.30
0%
5%
10%
15%
20%
0
2
4
6
8
10
12
2013 2014 2015 2016 2017 2018 2019 2020
Luxury Vehicle Assembly : China and Global
2013 – 2020 (millions)
China Other China % Share (R-Axis)*Municipalities